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VA Loans - and My Dilemma

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  • VA Loans - and My Dilemma

    OK, we have two offers on our house.

    One is a VA loan, the other is conventional.
    Both are for the asking price, and both seem anxious to buy.

    Here's the dilemma:

    The VA loan Offer, which I have not yet accepted, comes with a bunch of baggage.
    I'm told that I need a Termite Inspection - even though I have had quarterly treatments from a professional pest control company for the past 8 years, which includes termite monitoring/reporting.
    The Termite inspection must be paid for by the seller (me), and cannot be added to the sale price of the property.
    I'm also told that I have to provide - at my expense - an appraisal for the buyer, and there is wording in the "third party finance addendum" that prohibits the buyer from paying more than the appraised value, and I cannot add the cost of the appraisal to the sale of the property.
    Other things like I have to have all shrubbery, bushes, trees, vegetation, etc 18" away from any part of the building, and mulching has to be at least 18" away from the foundation.

    WOW!

    That pretty much destroys our "country look", and pretty much requires the total removal of all plants along the back wall of our home.

    The other offer - the Conventional Loan - has none of these stipulations/requirements.

    It's like, in an attempt to "help" the Veteran, this VA Loan is all but guaranteeing that I don't choose his offer over the other.

    I'm eligible, myself, for VA loans, but have never used one -- I've always found it much simpler and more cost effective to go "conventional".

    To those of you who may have used VA loans - what's the attraction? From what I understand, it's not a better interest rate, or better guaranty of financing... why would one go through all the red tape of a VA loan over conventional?
    Is it that the down payment requirement is so much less?

    My neighbor, also a Vet, says he never used a VA loan, either, because of all the red tape and frustration.
    The first to state his case seems right until another comes and cross-examines him.

  • #2
    VA provides for 100% financing whereas other finance options typically do not.
    That's what
    - She

    Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
    - Manya the Holy Szin (The Quintara Marathon)

    I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
    - Stephen R. Donaldson

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    • #3
      Originally posted by Bill the Cat View Post
      VA provides for 100% financing whereas other finance options typically do not.
      Yeah, I'm seeing that.
      The first to state his case seems right until another comes and cross-examines him.

      Comment


      • #4
        can the va buyer sign something saying he will buy it without those requirements?

        Comment


        • #5
          Originally posted by Sparko View Post
          can the va buyer sign something saying he will buy it without those requirements?
          No. It is a VA requirement.
          That's what
          - She

          Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
          - Manya the Holy Szin (The Quintara Marathon)

          I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
          - Stephen R. Donaldson

          Comment


          • #6
            Originally posted by Bill the Cat View Post
            No. It is a VA requirement.
            Yeah, it's actually spelled out in the contract.
            The first to state his case seems right until another comes and cross-examines him.

            Comment


            • #7
              Originally posted by Cow Poke View Post
              Yeah, it's actually spelled out in the contract.
              And you, of course, checked that spelling

              I'm always still in trouble again

              "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
              "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
              "Of course, human life begins at fertilization that’s not the argument." --Tassman

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              • #8
                Originally posted by Bill the Cat View Post
                VA provides for 100% financing whereas other finance options typically do not.
                No, or incredibly small, down payments, too.


                There should be ways around the plant requirements as their designed to keep vets being scammed on rundown propeeties

                Isn't this more of a lobby thread? Why civics?
                Last edited by Jaecp; 04-25-2016, 03:44 AM.

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                • #9
                  Originally posted by Jaecp View Post
                  No, or incredibly small, down payments, too.


                  There should be ways around the plant requirements as their designed to keep vets being scammed on rundown propeeties
                  I haven't read the contract in detail, but I think that was actually linked to the termite issue - there seems to be nearly a phobia about termites.

                  Isn't this more of a lobby thread? Why civics?
                  Because, in a way, this is a classic case of the government messing up something they intend to help. I received a competing contract with a slightly lower offer, but given all the factors, it seems to be far less headache than entertaining the VA offer.
                  The first to state his case seems right until another comes and cross-examines him.

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                  • #10
                    If th govt is payin for a house.....I guss they want to make sure its 100 percent pristine?
                    A happy family is but an earlier heaven.
                    George Bernard Shaw

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                    • #11
                      Originally posted by Cow Poke View Post
                      I haven't read the contract in detail, but I think that was actually linked to the termite issue - there seems to be nearly a phobia about termites.



                      Because, in a way, this is a classic case of the government messing up something they intend to help. I received a competing contract with a slightly lower offer, but given all the factors, it seems to be far less headache than entertaining the VA offer.
                      My theory about their termite obsession is the fact this IS a major problem in the East, where all those decision makers are. I don't recall much wood buildings except the historical ones. There were brick or stone buildings galore. Termites are a problem out here too but we have way more wood buildings, and that probably freaks them out. Just my theory...
                      Watch your links! http://www.theologyweb.com/campus/fa...corumetiquette

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                      • #12
                        its always good to have a termite inspection done. but making it a requirement and making the homeowner pay for it is not cool. It is one thing to try to negotiate it into the contract, but another to make it non negotiable. Like in CP's case. he has records showing he has regular treatments to prevent termites. TO me that would be good enough to not have another termite inspection unless I suspected previous damage from termites. But then the home BUYER usually has to pay for the home inspection, not the seller. And you usually wait till you are sure you want the house and put a conditional contract on it. That way if it fails the inspection you can back out. Heck I wouldn't even accept a seller's paid inspection. He could have hired his buddy to lie on the inspection and I could be getting a money pit.

                        I have also learned to get a specific radon and even asbestos inspection (if the home is old enough) because regular inspections don't cover those areas. In my area radon can be a problem so I had them do a radon inspection, and they found that the radon level was indeed high, so I negotiated the seller into paying for a radon remediation system be installed in the basement.

                        Comment


                        • #13
                          That is similar to what is done here in Georgia. The home owner (at least the last time I sold a house back in 1990) had to obtain a termite letter. If you had a contract with a local pest control company that did yearly inspections the cost was negligible or even free. Not so much if you didn't.

                          I'm always still in trouble again

                          "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                          "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                          "Of course, human life begins at fertilization that’s not the argument." --Tassman

                          Comment


                          • #14
                            That's what I figured myself.
                            Near the Peoples' Republic of Davis, south of the State of Jefferson (Suspended between Left and Right)

                            Comment


                            • #15
                              Originally posted by Catholicity View Post
                              If th govt is payin for a house.....I guss they want to make sure its 100 percent pristine?
                              Sorry, My #14
                              was replying to this #10 post.
                              Near the Peoples' Republic of Davis, south of the State of Jefferson (Suspended between Left and Right)

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